Startups

Thumbtack Intends To Raise $120 Million At A $1.3 Billion Valuation

In the market to hire a painter? A handyperson to straighten the slightly skewed cabinet door in your kitchen? A cleaning professional to help you parse through and pass along your abundance of possessions?

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In a time not all that long ago, you’d see fliers for these sorts of services posted up on a cork board somewhere, like a community center or the hardware store. Household professionals still post notices to those analog boards, but online, many list their services on Thumbtack.

Thumbtack filed an amended and restated certificate of incorporation to the Delaware Secretary of State’s office. The document, which was surfaced by the Prime Unicorn Index and written up in TechCrunch, authorizes Thumbtack to raise an additional $120 million in late-stage financing for the venture. The documents indicate that Thumbtack’s valuation—roughly $1.3 billion—remains mostly unchanged from its last financing round, a $125 million deal led by Scottish asset management firm Baillie Gifford back in 2015.

According to Crunchbase data, Thumbtack has raised $273.2 million in venture funding, not including the additional capital authorized in the restated certificate of incorporation. Kate Clark’s reporting in TechCrunch cites Pitchbook data, which pegs Thumbtack’s total capital raised at $267.6 million. However, Pitchbook’s own news coverage states that the company has raised “more than $270 million.”

Thumbtack’s prior investors include Sequoia Capital, CapitalG, and Tiger Global Management, among others.

Founded in 2008 at the dawn of the current “gig economy” era, Thumbtack is getting a little long in the tooth, as far as private companies go. Venture capital funds typically invest on a ten year cycle, and seek liquidity after that. Thumbtack, and other billion-dollar “unicorns” of its same vintage, is probably feeling the pressure to either go public or get acquired.

Illustration: Li-Anne Dias

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